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Short-Term Loans

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What Are Short Term Loans?

Sometimes lending from a family isn't an option, neither is maxing out your credit card. How do you get cash to fund your little business idea, take advantage of discounts on bulk orders or take care of pending invoices? Obtaining a small loan seems like a good answer.

A short term loan is an unsecured loan obtained from a lender and to be repaid within a year or less; sometimes even weeks. By unsecured, we mean, you do not need to turn in collateral to get this loan. You may obtain a loan for personal or business reasons. There's no restriction to its use.

WeLoans via its partner lenders can get you loans to take care of your emergencies and needs in the short term. This should help you stay afloat till you are at a financially better place.

Advantages of Short Term Loans

  • Fast Processing Speed

    Short term loans obtained via direct lenders or loan brokers are processed the quickest. With a loan broker like WeLoans for instance, funding decisions are made in as soon as fifteen minutes. Its partner lenders can also fund you as quickly as the following business day.

  • Easy to Get

    The hassles associated with bank loans can get you tuckered out. On the other end of the divide are short term lenders who fund you with no stress whatsoever. No frills, no fuss, no queues in the banking hall. All you have to do is submit all necessary documents/details and you get funded.

  • No Collateral Requirement

    Short term loans are mostly unsecured, hence, you don't need to tender an item of value to secure them. That's a big advantage over car title loans which you have to turn in your car title to secure cash.

  • Improve Credit Rating

    Obtaining a short term loan and paying it up within the repayment term can help improve your credit rating if you have a bad one. It's often seen as a chance to improve one's credit score.

Short Term Loans Online from Weloans

With WeLoans, you've got just enough to fund your business plans and emergencies. Here's how to make an official loan request.

  • Apply online

    Get started by filling out the loan request form. Ensure that all entries are correct and accurate. The contents of the form give the lenders an idea of your financial situation and helps them arrive at a decision.

  • Get a quote

    Once you submit the form, we connect you with some of our partner lenders. The lenders will review your submission and make a funding decision in as quick as five (5) minutes. If they deem you fit for a loan, you will be sent a quote. The quote gets you up to speed with the approved loan amount, terms and conditions of the loan and loan term.

  • Receive funds

    Read through the quote and sign if you agree with its contents. As soon as you sign and submit the quote, you can rest assured you will get funded. Our partner lenders can fund you as soon as the next business day.

Where to Find a Short-term Loan?

There are a number of options you may be willing to explore outside online lenders. Here are some of them:

Banks: Banks offer personal loans to citizens of the country who are at least 18 years old. However, most often than not, you have to be an existing customer of a particular bank to get a loan from them. You may not get one too if you have a bad credit.

Credit unions: This is another viable option you may want to look at. They are non-profit organizations. Therefore, their interest rates are usually low, even sometimes lower than banks. But like with banks, you have to be a member of the union to get a loan.

Pawn shops: Pawn shops typically offer loans only to people who can turn in an item of value or collateral. You get your collateral back once you repay the loan. If you fail to, the pawn shop takes over ownership of the item. Keep in mind that their interest rates are usually astronomical, so, they should be considered as a last resort.

How to Get a Short-term Loan with Bad Credit?

To get one, you should shop around for a short term loan lender near you. Get quotes from them and compare their offers. Like most people do, settle for the lender with favorable interest rates and loan conditions. That said, your credit score may suffer a big hit if they all carry out hard credit checks on your profile.

For this reason, you may want to consider a loan broker. With a loan broker, you spend less time shopping for a lender. They do so on your behalf. You also enjoy a number of benefits if you use reliable loan brokers like WeLoans.

WeLoans’ partner lenders, for instance, run only soft credit checks on your profile. Unlike a hard credit inquiry, soft credit checks do not affect your credit score.

A number of lenders in WeLoans’ network can get you up to speed with your plans by funding you with up to $5k. Reviews also testify to the high approval rate.

How to Qualify for a Short-term Loan?

The assurance that you can get some cash, just when you need it, gives you more courage to take on projects that would have otherwise seemed too ambitious based on your financial situation.

But you have to qualify to get the loan first. Here are some of the eligibility requirements for getting a short-term loan.

Legal age: The borrower must be at least 18 years of age to obtain a short term loan. It is considered a violation of lending laws and protocol to lend cash to persons under the age of 18.

Verifiable income: To qualify for a loan, you must be able to present a proof of income. The proof of income which could be your pay slip is a proof that you can afford to pay back the loan you are asking for.

Government-issued ID: A government-issued ID is a major proof that you are a citizen and legal occupant of the country. No lender is ready to lose their money to miscreants approaching them under the guise of borrowers.

In addition to these, you must have a social security number, a checking or savings account and a valid contact address which may be a mobile number or email address.

Popular Types of Short Term Loans

Short Term Loans for Bad Credit

If you need money to fund some emergencies or bills in the short-term, you may want to explore the following options - demand loans, bank overdraft, trade credit and personal loans.

Loans for 18 Year Olds

Have no credit history? Don’t worry. You won't be denied a loan because of it. A loan designed specifically for 18-year-old borrowers is now widely available! Chances are that you can get one even without a cosigner.

Short Term Loans With No Credit Check

Online loans provide no-credit-check short-term loans, which makes them an attractive alternative to traditional bank loans. By no credit check, we mean they only use soft pulls which have no impact on your credit score.


  • Which loan is best for the short term?

    If you need money to fund some emergencies or bills in the short-term, you may want to explore the following options - demand loans, bank overdraft, trade credit and personal loans.

  • How can I borrow money short term?

    You can borrow money on the short term from a direct lender or via a loan broker. If you are having trouble finding a lender who will approve your loan amount and based on your preferred terms, a loan broker is perhaps best for you.

  • What is a short term loan example?

    Short term loans are loans with a relatively short repayment term, typically 12 months or less. For instance, a businessman obtains a $2000 loan to be repaid over 2 months. Depending on the offer, he may be required to make weekly installment payments before expiration of the loan term.

  • How soon can I get my money?

    Once you have agreed to the terms of the loan, signed the quote and submitted accordingly, you can expect to get funded as soon as the next business day.

  • Can a 17-year-old take out a loan?

    No. Although US citizens can obtain loans from banks and online lenders, they have to be at least 18 years old first. A 17-year-old is still considered a minor in the eyes of the law. They are therefore ineligible to take out a loan.

  • Can I get a loan without a payslip?

    Yes. You don't necessarily need a payslip so far you can prove through another means your ability to pay back the loan in time. The payslip is not a compulsory requirement. So, self-employed people and entrepreneurs can take out loans too.

Get Your Short-term Loans Fast Today!

WeLoans partners with 100+ lenders who are willing, and ready to help you sort out those bills. They’d consider your application and offer short-term loans within a day.

Apply now